Customers come through my door because payday loans are often the most affordable and reliable option for their individual circumstances. My company charges $20 to borrow $100 for two weeks: a one-time, flat fee. SB 84 would arbitrarily limit access to these loans.

Under the bill, a family that has already reached the loan limit and faced with an additional financial hardship would be left without a valuable tool to manage a shortfall. Many would not be able to pay that bill or, worse, would be forced to choose costlier and riskier unregulated options - like illegal online loans - with no consumer protections.

Our customers take out loans exactly as often as they need to get through a financial shortfall. No one can predict in advance how long that might last, not even well-intentioned Louisiana legislators.

The vast majority of my customers use loans responsibly. and I am proud to work with them to ensure that they are successful borrowers. If lawmakers are serious about helping consumers, they should require all lenders to offer an extended payment plan, which would give consumers more time to repay their loans at no additional cost.

Legislators should not ignore consumers' interests. Any reform effort should help hard-working Louisiana families instead of limiting their access to cost-competitive, transparent credit when they need it most.